The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-12-08

| purchase the bonds OF the government not
yet due at a rate Of premium to be agreed
upon. The only provision Of law from which
such power could be derived is found IN an
appropriation bill passed number OF years
| ago, and Il is subject To the suspicion that IL
was intended as temporary and limited IN us
| application. instead Of comforting contnu-
| ing discretion and authority. No condition
/ ought 10 exist which would justify the grant
| Of power 20 single official, upon bis Judg-
ment Of its necessity, 80 withhold from or
release 10 the business Of the people III an
unusual manner money held in the treasury,
and thus affect, at his WILL the financial
situation Of the country; and If 1t is deemed
wise TO lodge in the secretary OF the treas
ury the authority in the present juncture to
purchase bonds it should be plainly vested,
and provided as far as possible with such
checks and limitations as will define this
officials right and discretion and at the
same time relieve him from undue RESPONSE
bility.
THE QUESTION OF PURCHASING BONDS.
In considering the question Of purchasing
bonds as a means Of restoring TO circulat. on
the surplus money accommodating in the treas
v.
miums must Of course DO paid uTOn such
purchase, that there may be a large part o.
these bonds held as investments which can
not he purchased at any price, and TINT com
binations among holders who are wiling to
sell may unrcasonably enhance the cost oil
such bonds 10 the governmln t
Il has been suggested that the pre- eni
bonded debt might be refunded at less RAJ
of interest, aud the difference between The
old and new security pail in cash, thus find
.ng use for the surplus in the treasury. Inc
success Of this plan, it is apparent must de
pend upon the vOlitiOn Of the holders OF ihe
present bonds; and it is not entirely certain
that the induCement which must be offered
them would result in more financial benefit
10 the government than the purchase Of
Londs, while the latter proposition would re
Iuce the principal Of the debt 10y actual pay
nent, instead Of extending It,
DFPOsIrING MONEY IN BANKS Az OBJECTION.
The proposition TO depos The money. held
by the government in banks throughout the
country, for use by the people, is, II seems u
me- exceedingly Objectionable IN principle,
as establishing too close relationship be.
tween the operations Of the government
treasury and the business of the country, and
too extensive n commingling Of their money,
thus fostering an unnatural reliance ia pri
vate business upon public funds. II this
scheme should he adopted il should only b
done rs "a temporary expedient to meet an
urgent necessity. legislative and executive
effort should generally be in the opposite di-
rectiOn, and should have a tendency to di-
vorce. as much and as fast as can safely be
done, the treasury department from private
enterprise
OF course it is not expected that unneces.
sary and extravagant appropriations viii be
made for the purpose OF avoiding the accu
mutation of an excess OF revenue. such ex
penditure, beside the naturalization Of all
last conceptions Of public duty which it eli
tubs stimulates a habit of reckless IMPROVE
dence not in the least consistent with Ga.
mi sion of our people or the high aud ben,h
cent purposes Of Our goyernm snt.
GRAVITY or THE SITUATION.
/ have deemed II my duty to thus bring Il
lh- kuOwl dge OF my counlrymen, as well ~
TO the attention of thcm representative,
charged with the responsibility Of gislativ,
relief. the gravity OF cur financial situation
Tie failure of the cDngre.s heretofore t.
urovide against the dangers which it wa
quite evident the very nature OF the dill
Guilty must necessarily potuce, caused Q
condition Of financial distress anl az prehen
son since your last adjournment which
taxed 10 the utmost all the authority and
expedients within executive control: and
these appear now 10 be exhausted If dis
aster results from the continued inaction Oi
congress. the responsibility must rest where
it belongs
Though the situation thus far considered
is iraught with danger which should b. fully
T ai.zsd. AMI though it presents features oi
wrong to the people as ~ II as peril 10 the
country. il is hnt result growing out OF d
perfectly palpable and apparent cause, con
stantly reproducing the same alarming cir
cumstancps--a cOngested national Treasury
and n depleted monetary condition ia the
business OF the country 1t need hardly bt
stated that while the present situation De
mands a remedy we can Only be saved from
"A Ike predicament in the future hy the re-
moval Of its cause.
OUR SCHEME or TAXATION.
Our scheme Of taxation, by IN ans Of which
this needless surplus is taken from the PEG.
ple and put into the public treasury, con
sists Of a tariff or duty levied upon importa
tioas from abroad, and internal revenue
taxes levied upon the consumption Of TO
becco and spirituous and malt liquors. 1t
must be conceded that none Of the things
subjected 10 internal revenue taXation are
strictly speaking, necessaries, there appears
60 be 40 just complaint OF this taxation b.
the consun rs Of these articles, and there
seems to be nothing So well able TO bear the
burden with ut hardship to any portion Of
the people.
TARIFF LAWS SHOULD BE AMENDED
But our present tariff laws, the vicious, IN
equitable and illogical source Of unnecessary
taxation, ought to be at once revised AMI
amended These laws, as their primary and
plain effect, raise the price to consumers Of
all articles imported and subject to duty, by
precisely the sum paid for such dut es, Thus
the amount OF the duty measures the tax
paid by those who purchase for use these i'm
ported articles Many OF these things, how
ever, are raised or manufactured in our own
country, and the duties now levied upon
foreign goods and products are called pro
lection to these home manufactures, because
they render it possible for those Of our PEG
nile who are manufacturers 10 make these